Connect X takes home top spot at Cleantech Investment Summit

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Welcome to this week's Sunday Briefing. In this issue, read about Alberta companies winning big at the Startup TNT Investment Summits, plus 10 other stories you may have missed. Have a great day. We'll see you again on Wednesday.

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Connect X takes home top spot at Cleantech Investment Summit

Alberta companies won big in March through Startup TNT’s Sector Summits. The tri-annual Investment Summits are a platform for entrepreneurs and innovators seeking seed-stage funding.

On March 14, the three winners were crowned at three simultaneous Summit Finale events in Edmonton, Calgary, and Regina. Each winner is receiving an aggregated pool of investment of between $120,000 and $210,000 from a combination of local angel investors and TNT's venture capital fund.

In Calgary, Connect X took home top spot in the Cleantech Investment Summit, beating out four other Albertan finalists to secure over $200,000 in equity investment.

Connect X leverages technology to modernize aging electricity grids, ultimately leading to savings of energy usage and managed demands, and therefore decreasing energy costs with reliable electricity.

“We are thrilled and honoured to have emerged as the winner of the prestigious Startup TNT Cleantech Summit 2024,” said Pratik Ghoshal, founder and CEO, Connect X. “This transformative nine-week journey has not only validated our efforts at Connect X but has also refined our value propositions by leaps and bounds. The invaluable support and encouragement from the investors and mentors at Startup TNT have instilled in us a deep sense of responsibility as we embark on this exciting next chapter of execution, validation and commercialization. With the meaningful investment secured, we are eager to further refine our technology, expand our team, and execute our pilot with confidence, driving impactful change in the cleantech industry globally, as a proud Canadian and Albertan company.”

At the Life Sciences Summit, Edmonton’s OligomicsTx secured over $175,000. OligomicsTx is in the early stages of developing advanced therapies that can effectively combat rare and hard-to-treat nervous system disorders.

Meanwhile at the Agri-Food Summit in Saskatchewan, BetterCart Analytics secured over $140,000. BetterCart Analytics leverages AI to help organizations access real-time food supply chain data for a range of purposes to improve their business.

Startup TNT was recently recognized in CVCA’s 2023 Canadian Venture Capital Market Overview as the most active pre-seed and seed stage investor in Western Canada, and following the completion of the Summits, has now raised over $13 million in seed-stage capital for 90+ companies across Western Canada.

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🤝 Funding, Deals, and Partnerships

• QAI Ventures launches global quantum technology accelerator and Canadian office in Calgary. QAI Ventures Accelerator powered by Quantum City will be a milestone in advancing quantum technology startups on a global scale. University of Calgary

• Carbonova secures $6 million to turn GHGs into carbon nanofibres. Alberta firm fuels up to expand its commercial production capabilities. Betakit

• Plug and Play Alberta Announces 72 Startups for Their Fifth Alberta Cohort. Of the 72 startups selected, 42% of companies are from Alberta. Plug and Play

• E3 Lithium Receives Final Alberta Innovates Payment, Successfully Completing Its $1.8M Grant. Awarded in 2021, the grant facilitated the scale up of Direct Lithium Extraction technology from lab prototype to field pilot plant. E3 Lithium

📰 Need To Know

• Calgary start-up revolutionizes the way we look at our bodies. Healthtech startup Nimble Science has developed a new way to look at what is going on inside your body. Global News

• Innovators of the Week: This Calgary Learning Hub Develops Tech and Innovation Talent. Co-founded by Margo Purcell and Greg Hart, InceptionU teaches digital skills through project-based learning, and will soon be expanding across the prairies. Avenue Calgary

• X-energy, TransAlta Partner to Study Deployment of Advanced Small Modular Nuclear Reactors in Alberta through Emissions Reduction Alberta Award. The study will also focus on identifying and building Alberta-based supply chain partners and vendors and economic benefits for the province. X-Energy Reactor

• Bright Leaders of Calgary: Greg McCallum, TELUS. McCallum connects companies across sectors and of all sizes with business solutions to ​fast-track their growth and empower them to thrive in ​​our ​​digital world​. Calgary Economic Development

• 5 Software Companies in Calgary to Know. These businesses develop bespoke software solutions for clients in industries like e-commerce and edtech. BuiltIn

• Calgary advances green fleet and gets smart with water. The Canadian city has received funding from the Municipal Climate Change Action Centre to modernize its vehicles and is also creating a water security roadmap. Smart Cities World

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